Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,945/mo
Lowest payment- Down payment
- $18,883
- Funds due
- $28,797
- Interest + MI left
- $170,757
- First ends
- Mar 2052
New loan
New conventional
$2,320/mo
+$375/mo- Down payment
- $31,090
- Funds due
- $38,957
- Interest + MI left
- $424,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,017 | $279,810 |
| Second mortgage | — | — |
| First P&I | $1,387.82 | $1,937.35 |
| Second P&I | — | — |
| Mortgage insurance | $230.21 | $55.96 |
| Taxes, insurance & HOA | $326.75 | $326.75 |
| Total housing payment | $1,944.78 | $2,320.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,883
Closing costs & prepaids$9,914
Usable credit−$0
Total buyer cash needed$28,797
Earnest money paid−$0
Remaining funds due$28,797
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,109.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$280.25
Initial HOA (3 months)$249.99
Prepaid interest, first (2 days)$49.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 4 moOf the original 30-year loan at 3.100%
Interest already paid$44,731Through Nov 2026
Assumption only · ends Mar 2052$170,757
New conventional · ends Dec 2056$424,351